The Foreign Account Tax Compliance Act (FATCA) is a United States federal law that requires U.S. citizens, including individuals who live outside the United States, to report their financial accounts held outside of the United States, and requires foreign financial institutions to report to the Internal Revenue Service (IRS) about their U.S. clients. Its basic objective is to combat the use of non-US accounts and vehicles by US persons who seek to evade their US tax payment and information reporting obligations. As a means to this end, the United States, through FATCA, seeks to enlist non-US financial institutions and other non-US entities to report US account holders and owners to the US authorities. If these institutions and entities fail to fulfill their reporting obligations, a 30 per cent US withholding tax will be imposed on many types of US source payments to that institution or entity.
Senior Manager Business Processes
Richard (B.Sc, M.Sc, MCSM, ACIS, TEP) has over 15 years’ experience in the corporate and trust services environment and has held the roles of director, resident officer and compliance officer for regulated companies. Richard specialises in regulatory compliance, corporate governance, companies operating in the mining sector and private trusts. Richard currently leads the FATCA compliance program for Maitland’s private and corporate clients and represents STEP IOM Technical Committee at the IOM Treasury FATCA Workgroup.
Organisation for Economic Cooperation and Development
Common Reporting Standards & South Africa’s Voluntary Disclosure Program
The Organisation for Economic Co-operation and Development (OECD) is an international economic organisation of 34 countries founded in 1961 to stimulate economic progress and world trade. It is a forum of countries describing themselves as committed to democracy and the market economy, providing a platform to compare policy experiences, seeking answers to common problems, identify good practices and coordinate domestic and international policies of its members. The Common Reporting Standards of the OECD requires information to be gathered and reported on all persons involved in a structure and behind movements of funds. This includes, for example, the settlor, protector and all beneficiaries (discretionary or otherwise) of a trust.
Head Private Client Services
Brett (B.Com (Hons),CA(SA)) spent fifteen years in London firstly working at Lloyds of London assisting in acquiring distressed re-insurance contracts from Names, and then as CFO to corporate capital providers in Lloyds of London. After leaving the re-insurance industry he helped build a successful venture capital business focused on the I.T. industry, listing assets on LSE and HEX (Finland). Brett moved to Mauritius in 2001 where he is executive chairman of Brait Mauritius Limited and Head of Private and Corporate Clients at Maitland.
WHEN: Thursday 23rd April 2015, 08.30 – 10.00 am for breakfast
WHERE: Sirius Room, Labourdonnais Waterfront Hotel, Port Louis